The folks at mergersandinquisitions.com had an amusing take on the herd mentality recently. They reviewed the news in the mainstream media from three different periods — 1996 to 2000 tech boom, 2001-2003 dot.com crash, and 2003 to 2007 period to see how useful following the public pundits really is.
Their article was titled, Why You Should Stop Reading Business Week. But their premise holds for mainstream media. Most newspapers are probably not telling you anything you don’t already know. And by the time you read it on the front page of today’s newspapers, the industry itself has moved on to the next phase.
Today, of course, we’re seeing one doom-and-gloom story after another. With headlines like, “Students rethinking their investment banking careers” and “The end as we know it for investment banking” and so on.
Sure it’s tough out there. It’s always been a tough business to break into. But times like these tend to weed out those who aren’t 110% committed and passionate about getting into the business. Since the number of people applying to finance jobs may decrease, it could be easier for you to stand out and get an interview. And when the economy does turn around and business comes roaring back, either late in 2009 or in 2010, you’ll be well-positioned to take advantage of the growth.